The limited liability partnership is a response to concerns about professionals’ exposure to liability for their partners’ malpractice. What is the nature of the liability created by the partnership form? How does the creation of a LLP address this liability concern? Is it appropriate that accountants and lawyers, for example, enjoy limited liability? Is there a downside for a law

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The limited liability partnership is a response to concerns about professionals’ exposure to liability for their partners’ malpractice. What is the nature of the liability created by the partnership form? How does the creation of a LLP address this liability concern? Is it appropriate that accountants and lawyers, for example, enjoy limited liability? Is there a downside for a law or accounting firm to converting to an LLP?
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
Related Book For answer-question

Canadian Business & the Law

4th edition

Authors: Dorothy DuPlessis, Shannnon o'Byrne, Steven Enman, Sally Gunz

ISBN: 978-0176501624